Top capital growth area sees $9 million sales in one month in new Mullum Creek

Top capital growth area sees $9 million sales in one month in new Mullum Creek
Top capital growth area sees $9 million sales in one month in new Mullum Creek

Melbourne’s Mullum Creek in Donvale is an ‘environmentally sensitive’ community that has seen 50% of blocks purchased in the first month, adding up to more than $9 million in sales.

Set over 20 hectares, 45% of the land at Mullum Creek has been kept dedicated to open space, with a focus on building homes with a minimum 7.5-star energy rating.

It has 56 home sites, from 1,000 square metres to around 3,000 square metres and is one of the last substantially sized pockets of undeveloped land across the City of Manningham. The site is just 20 kilometres from Melbourne’s CBD.

Stage one starts at $690,000 per site. The biggest block, on 3,252 square metres, is available for $1,180,000, according to the reserve price list.

The site is located at 112–126 Old Warrandyte Road, Donvale.

Donvale recently made the top five list of Victorian growth suburbs, having seen a 38.9% increase when comparing the REIV’s 2013 and 2012 December median statistics. They record the new median at $960,500.

Sales manager for the community, Adam Wright, said that there had been a significant number of registrations of interest since the ability to sign up launched mid-2013.

“With its vision for environmental sustainability, exemplary architectural form and rural appeal thanks to its location adjoining a green wedge, Mullum Creek is one of those opportunities that comes up once in a lifetime,” said Wright.

“Our buyers have been predominantly either downsizers who are conscious of their surrounds and keen to decrease their environmental footprint, or younger families who are buoyed by the relative proximity to the city coupled with the abundance of open space and access to the many fantastic schools nearby,” he said.

Many of the blocks are located on the land backing onto open space reserves, with stage one expected to sell out soon.

The development has been created by Mullum Pty Ltd, a family group of three siblings – the Matthews family. They have lived on the former apple orchards and grazing site since 1958.

Roads and services are expected to be built in mid-2014, with purchasers able to begin construction towards the end of the year. Owners must build within two years of purchasing.

The final two stages in the development have not yet had construction or release dates finalised.

The majority of the land across the creek has been classified ‘green wedge’, with a minimum 8 hectare subdivision size, and restrictions on use – suggesting it may be left as it is into the foreseeable future.

Pet owners should take note that due to the ecologically sensitive nature of the area, cats are required to be confined at all times, and dogs are restricted to certain areas on the surrounding reserves.

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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